The global Umbilical Cord Blood Banking Market had a valuation of USD 4.52 Billion in 2022 and is anticipated to reach USD 15.02 Billion by 2032. This represents a notable compound annual growth rate (CAGR) of 13% during the forecast period. One of the primary drivers of this growth is the increasing prevalence of chronic illnesses, including cancer and blood disorders, which has led to a heightened demand for umbilical cord blood banking services. Cord blood stem cells, distinguished by their unique properties and reduced risk of rejection compared to stem cells from other sources, are progressively gaining traction in stem cell therapy as a potential remedy for various disorders. This trend is expected to fuel the expansion of market revenues in the coming years.
Furthermore, the growing awareness and understanding of the potential benefits of cord blood banking among the general population are contributing to market growth. Increased government and private sector initiatives aimed at raising awareness about the advantages of cord blood banking have resulted in a surge in demand for umbilical cord blood banking services. Additionally, advancements in stem cell research and the development of novel therapies utilizing cord blood stem cells are creating new opportunities for revenue growth in the market.
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Some key highlights of the report:
In 2022, the market for umbilical cord blood banking in the world was much more profitable thanks to public cord blood banks. Public cord blood banks gather and preserve cord blood units for use by the general public.
In terms of revenue, the cancer category is anticipated to account for the greatest market share. Leukemia, lymphoma, and multiple myeloma have been proven to respond well to treatment with cord blood stem cells.
The market for banking umbilical cord blood is expanding quickly on a global scale. The growth rate and major factors influencing the growth, however, vary by location. We will examine regional market Outlook for umbilical cord blood banking in this section.
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Competitive Landscape:
Some major players included in the global umbilical cord blood banking market report are:
- Cord Blood Registry Systems, Inc.
- Cryo-Cell International, Inc.
- China Cord Blood Corporation
- Cordlife Group Limited
- Vita34 AG
- Americord Registry LLC
- Cryo-Save AG
- Smart Cells International Ltd.
- Lifeforce Cryobanks
- Maze Cord Blood Laboratories
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